All Forum Posts by: Alexis Fentress

 Exactly, Bill. $0 down.

Since then, I have completed a cash out refi on this property.

Don't under stand what you mean by "$400 over PITI is not 400 CF"?

Thanks for replying!! :) 

 Great question Drew! With this being my 10th door, I have a separate account for additional expenses. But great catch!

I haven't had any costly repairs with tenants moving out. I'm going into my 7th year and I have only had 2 evictions at this point - but with both of them my maintenance team checks on the unit every 2.5 weeks until the tenant has completely moved out so that we are keeping an eye on the property and making repairs as needed for a QUICK turn over for new tenant (goal is a less than a 24 hour turn over period)!

:) Thanks for replying! Nice chatting.

Who's doing ARM's? And who's doing fixed for 30 year?

 Hey Nicolas! Great questions. I listed my expenses above: mortgage/taxes/insurance, management fee. The house was newly remodeled so I don't expect there to be any maintenance issues for a while. If this were my first, second, or third deal I would calculate that expense in to be "safe"; or if it needed repairs, but no. And by having a property management in place, that expense (when I do have one) will come out of the rent, so it's not really "coming out of my pocket" now, VS when I was managing property on my own. So, to answer your question, just because it's in a class D area does not mean there are more expenses. Amount of repair expenses/updates are determined based on property condition. Hope this makes sense.

Closing costs I paid with my HELOC, but yes I did and they were maybe around $500 I believe. Good catch!

 Fun! I didn't know anything about the camping lifestyle or what all would go into maintenance; it's a lot. Such as, switching out propane tanks, emptying grey/black tanks, water lines freezing, etc. It's a 180 difference from managing a single family home.

I had to install a septic system and hook up to the city water line.

Good luck to you! Feel free to message me if you have any questions. :) 

 Hey Nate! This was my second AirBnB. I'm actually selling it next week. The property stayed booked throughout fall time, but I can only charge so much per night with only 2 beds, so there wasn't a lot of meat left on the bone at the end of the day.

Investment Info:

Other buy & hold investment.

Purchase price: $100,000
Cash invested: $60,000

I purchased a 1 acre lot (lake view) with only a barn. My future plan is to build a 4 bedroom barndominium. In the mean time, I have purchased a camper to AirBnB. It's only operated for the past 30 days but I brought in $1700/net.

Check it out! https://airbnb.com/h/theogf

What made you interested in investing in this type of deal?

All the other homes needed a full gut rehab, I figured with a 1 acre lot I could build whatever I wanted! Finding a property at the lake all started with how much my Mom loves being at the lake; I wanted to buy something she could also enjoy.

How did you find this deal and how did you negotiate it?

Listed; my agent.

How did you finance this deal?

HELOC

How did you add value to the deal?

Created a neat get away!

Lessons learned? Challenges?

Camper's a A LOT of work!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $105,000
Cash invested: $1,000

Purchase Price: $105,000
Mortgage/Taxes/Insurace: $800
Management Fee: $100
Rent: at least $1,300
Cash Flow: $400
🤑🤑🤑

What made you interested in investing in this type of deal?

Cash flow

How did you find this deal and how did you negotiate it?

Listed on the MLS, my agent represented me.

How did you finance this deal?

HELOC

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $70,000
Cash invested: $360

Purchase price $70,000
Mortgage, Taxes, Insurance, PM ~$800
Expected Rent $1,500
🤑Cash Flow ~$700

At the time I was up against multiple offers, but because of some issues with the house having a lien against it, (which we didn’t find out until it was closing time) my agent was able to negotiate a price reduction.

There’s plenty of room for interest rate inflation, and the property didn’t need any renovating/fixes. I just have to move some furniture out ($360) that I will sell (+$800).

What made you interested in investing in this type of deal?

The cash flow.

How did you find this deal and how did you negotiate it?

It was listed and my realtor represented me.

How did you finance this deal?

HELOC

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $70,000
Cash invested: $360

Purchase price $70,000
Mortgage, Taxes, Insurance, PM ~$800
Expected Rent $1,500
🤑Cash Flow ~$700

I found the deal on the MLS, funded with my HELOC, and eventually will refinance into a long term fixed rate mortgage.

At the time I was up against multiple offers, but because of some issues with the house having a lien against it, (which we didn’t find out until it was closing time) my agent was able to negotiate a price reduction.

There’s plenty of room for interest rate inflation, and the property didn’t need any renovating/fixes. I just have to move some furniture out ($360) that I will sell (+$800).

What made you interested in investing in this type of deal?

The cash flow.

How did you find this deal and how did you negotiate it?

It was listed and my realtor represented me.